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David Schweikert: “The shortfall just this fiscal year is about 340 billion in…”

Featuring: David Schweikert, Republican | U.S. House, Arizona, District 1

'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight

Published June 10, 2024 | Video Starts at 32:57

And actually defense spending is like what's in the Constitution. We have to deal with the reality. And this coming fiscal year, I calculate Social Security will be at 1,480,000,000. The shortfall just this fiscal year is about 340 billion in the Social Security tax that comes in and the spending out the door. That's why you see them every month having to cash in their special Social Security treasury bills. Let's just call it that. (32:57–33:14)

CLAIM

Asserts a $340 billion shortfall in Social Security funding this fiscal year.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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David Schweikert

“In December 2017 there was a tax reform bill. It was the first time in 30 plus years that the United States had updated its tax code.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 00:49-01:01
“Parts of [the 2017 tax reform] expire next year.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 01:20-02:38
“Since [the 2017 tax reform] we haven't had a major organization, major corporation leave the United States.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 01:29-01:34
“In 2018, 19, even 20, we had the biggest movement of closing income inequality in America.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 01:54-02:01
“If you make $20,550 to 83,000 today, your current income tax rate...is 12%. It's going up to 15.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 03:37-03:58
“Current law...you get $500 deduction for a dependent next year...it's gone.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 04:44-06:55
“The child tax credit...doubled...to $2,000 [in 2017]. In 2026...it goes back to 1,000.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 05:32-05:54
“Per child. When you get the tax credit per child, that's about $750 or $753. That's so you remember it's getting cut in half.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 05:50-13:43
“If you don't make more than 26% more today than you did the day Biden became president, you are poorer.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 06:07-06:18
“If you're single, when the [tax] provisions expire, that number gets functionally cut in half, becomes $8,300.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 07:41-07:49
“If you're married today, it's 29,200. This is the standard deduction. It will go back down to $16,600.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 07:48-08:00
“Currently 100% of first year's bonus depreciation. Now, this has been starting to phase down.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 09:29-09:37
“This has been phasing down 20% each year for five years.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 10:57-11:01
“We actually passed a short term couple years extension of this, got it through the House. It was even bipartisan, and it's been sitting in…”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 12:42-12:52
“The average tax increase in Arizona's Congressional District 1 is $5,921 after tax credits expire in 2025.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 15:20-15:25
“There is almost $400 billion in new taxes coming after the expirations over 4.2 trillion over 10 years.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 16:39-16:52
“The Biden administration bought corporate America by handing out cash.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 20:47-20:52
“Real GDP growth for Nowcast is now down to functioning 1.8%.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 21:06-21:11
“United States is now number 14 on the credit stack.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 21:48-21:53
“Greece today has a better credit stack than the United States.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 22:01-22:08
“We borrowed like $57 billion last week.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 22:27-22:32
“Estimate that we would borrow 2.8 trillion this fiscal year, maybe down to two and a half.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 22:37-22:46
“Over the past four quarters, the total public debt has grown by more than twice the growth of GDP.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 27:55-28:03
“The United States gets about 17, 18% of the economy [in tax receipts].”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 28:27-28:35
“We're over 120% of debt to GDP in one calculation.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 29:09-29:14
“We're at 140% of debt to GDP.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 29:13-29:16
“Medicare spending, when I checked about six weeks ago, was already up 10% in spending this fiscal year.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 31:32-31:41
“Social Security will be at 1,480,000,000,000 [dollars].”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 32:50-32:57
“Every dime we as members of Congress vote on is borrowed money.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 34:53-34:58
“All defense is borrowed, all non-defense discretionary is borrowed, and about a third of Medicare is on borrowed money.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 35:10-35:14
“I believe we could crash the price of healthcare.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 35:30-35:33
“I believe we could dramatically shrink government.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 35:33-35:36
“If we legalize the technology and use it now you gotta deal with the army of lobbyists, the army of people from the bureaucracies who will…”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 35:51-36:03
“The vast majority of the money now. It's earned benefits. You earned it. We just don't have the money for it.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 37:11-37:18
“Obesity is almost half of healthcare costs.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 38:35-38:43
“Fertility rates in the United States collapsed under to one point, meaning France has more children than we do.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 38:57-39:08
“In 15 years, this country has more deaths than births.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 39:25-39:30
“A child born today is estimated, particularly a male child Born today is estimated to have a shorter life expectancy than you and I.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 39:36-39:45
“For every dollar you paid when you paid your FICA taxes for Medicare, we now calculate you get five to six dollars back.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 40:56-41:06
“The financing cost of that is the primary driver, U.S. debt.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 41:09-41:09
“Congress has become substantially a protection racket. We protect incumbent bureaucracies, we protect incumbent business models.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 44:02-44:13
“This will be the first generation coming up right now that will be economically more disadvantaged to their parents.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 44:53-45:03
“There is a way to save us. One of our economists has played some math games.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 48:53-49:01
“The bond market is getting close to running this country.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 49:04-49:08
“You may have three, five years, could be longer. Where a movement in the bond market starts to consume all your variability.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 49:10-49:19
“Without a stressor on this place, this place will not do anything.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 50:04-50:08
“We may only have a few more years and then the revolution. It's too late to be able to make the difference.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 50:28-50:33